GM, investor partners increase funding to ViSole

 

Last month General Motors Ventures LLC and its partners increased investments in ViSole Energy, formerly  Sunlogics PLC. The investment will allow for the integrated solar company to grow and pursue more projects in US and worldwide, including it’s photovoltaic electric vehicle chargers, which Chevrolet has been building at dealerships across the U.S.

It’s the second time GM Ventures has invested in ViSole. “We did have a new round of recapitalization last month and GM was one of the original investors. And along with just about all the investors they chose to reinvest,” said Joe Fleck ViSole’s chief financial officer.

Last summer it made a $7.5 million investment in the company. At the same time it reached an agreement with the company to install the PV EV charging stations called the Green Zone designed for Chevrolet’s flagship hybrid vehicle the Volt. Since then the companies have done installations across the U.S. and even in China. “We’ve got about 20 different installations in today,” Fleck said. The company also has installed PV at some of GM’s plants in the U.S.

Moving forward fleck thinks interest in PV EV chargers and canopies will continue to grow, and not just for the Volt Green Zones. “The interest has been growing. It’s partly on Volt sales and but in EVs in general,” he said. “The interest will grow not just with dealers but places where these go.” Such locations could include office buildings, hotels or government buildings. ViSole is focussed on commercial installations as opposed to homeowner installations.

While solar-charging carports may be an increasing part of ViSole’s business, its not the only part. “That’s one line of business. We’ve also been doing roofing or ground mount commercial-scale solar installations,” Fleck said. In terms of size, “We tend to think of it as 500 kilowatts to 5 megawatts, maybe 10 megawatts at the upper edge.”

Fleck declined to provide a figure for the size of the recent round of investments. But, “The additional capitalization will help us pursue both strategies with both lines of business.” The company will continue to grow in the U.S. and beyond,  he said.